BSBFIN501

Manage budgets and

financial plans
Learner Workbook
 Page |1

Table of Contents
Table of Contents...........................................................................................................................1
Instructions to Learner...................................................................................................................2
Assessment instructions................................................................................................................2
Assessment requirements.............................................................................................................5
Candidate Details...........................................................................................................................6
Assessment – BSBFIN501: Manage budgets and financial plans...................................................6
Observation/Demonstration..........................................................................................................7
Activities........................................................................................................................................8
Activity 1A......................................................................................................................................8
Activity 1B......................................................................................................................................9
Activity 1C....................................................................................................................................10
Activity 2A....................................................................................................................................11
Activity 2B....................................................................................................................................12
Activity 2C....................................................................................................................................13
Activity 2D...................................................................................................................................14
Activity 3A....................................................................................................................................15
Activity 3B....................................................................................................................................16
Activity 3C....................................................................................................................................17
Activity 3D...................................................................................................................................18
Summative Assessments..............................................................................................................19
Section A: Skills Activity...............................................................................................................20
Section B: Knowledge Activity (Q & A).........................................................................................22
Section C: Performance Activity...................................................................................................23
Case Studies.....................................................................................................................................24
Case Study A – Contingency plans...............................................................................................24
Case Study B – Providing support................................................................................................25
Case Study C – General ledger.....................................................................................................26
Workplace Documentation – for learner.......................................................................................27
Workplace documents checklist..................................................................................................27
 Page |2

Instructions to Learner
Assessment instructions
Overview
Prior to commencing the assessments, your trainer/assessor will explain each assessment task and
the terms and conditions relating to the submission of your assessment task. Please consult with
your trainer/assessor if you are unsure of any questions. It is important that you understand and
adhere to the terms and conditions, and address fully each assessment task. If any assessment task
is not fully addressed, then your assessment task will be returned to you for resubmission. Your
trainer/assessor will remain available to support you throughout the assessment process.

Written work
Assessment tasks are used to measure your understanding and underpinning skills and knowledge of
the overall unit of competency. When undertaking any written assessment tasks, please ensure that
you address the following criteria:

 Address each question including any sub-points

 Demonstrate that you have researched the topic thoroughly

 Cover the topic in a logical, structured manner

 Your assessment tasks are well presented, well referenced and word processed

 Your assessment tasks include your full legal name on each and every page.

Active participation
It is a condition of enrolment that you actively participate in your studies. Active participation is
completing all the assessment tasks on time.

Plagiarism
Plagiarism is taking and using someone else's thoughts, writings or inventions and representing them
as your own. Plagiarism is a serious act and may result in a learner’s exclusion from a course. When
you have any doubts about including the work of other authors in your assessment, please consult
your trainer/assessor. The following list outlines some of the activities for which a learner can be
accused of plagiarism:

 Presenting any work by another individual as one's own unintentionally

 Handing in assessments markedly similar to or copied from another learner

 Presenting the work of another individual or group as their own work

 Handing in assessments without the adequate acknowledgement of sources used, including

assessments taken totally or in part from the internet.
 Page |3

If it is identified that you have plagiarised within your assessment, then a meeting will be organised
to discuss this with you, and further action may be taken accordingly.

Collusion
Collusion is the presentation by a learner of an assignment as their own that is, in fact, the result in
whole or in part of unauthorised collaboration with another person or persons. Collusion involves
the cooperation of two or more learners in plagiarism or other forms of academic misconduct and,
as such, both parties are subject to disciplinary action. Collusion or copying from other learners is
not permitted and will result in a “0” grade and NYC.

Assessments must be typed using document software such as (or similar to) MS Office. Handwritten
assessments will not be accepted (unless, prior written confirmation is provided by the
trainer/assessor to confirm).

Competency outcome
There are two outcomes of assessments: S = Satisfactory and NS = Not Satisfactory (requires more
training and experience).

Once the learner has satisfactorily completed all the tasks for this module the learner will be
awarded “Competent” (C) or “Not yet Competent” (NYC) for the relevant unit of competency.

If you are deemed “Not Yet Competent” you will be provided with feedback from your assessor and
will be given another chance to resubmit your assessment task(s). If you are still deemed as “Not Yet
Competent” after 2 times, you will be required to re-enrol in the unit of competency.

Additional evidence
If we, at our sole discretion, determine that we require additional or alternative
information/evidence in order to determine competency, you must provide us with such
information/evidence, subject to privacy and confidentiality issues. We retain this right at any time,
including after submission of your assessments.

Confidentiality
We will treat anything, including information about your job, workplace, employer, with strict
confidence, in accordance with the law. However, you are responsible for ensuring that you do not
provide us with anything regarding any third party including your employer, colleagues and others,
that they do not consent to the disclosure of. While we may ask you to provide information or
details about aspects of your employer and workplace, you are responsible for obtaining necessary
consents and ensuring that privacy rights and confidentiality obligations are not breached by you in
supplying us with such information.
 Page |4

Assessment appeals process

If you feel that you have been unfairly treated during your assessment, and you are not happy with
your assessment and/or the outcome as a result of that treatment, you have the right to lodge an
appeal. You must first discuss the issue with your trainer/assessor. If you would like to proceed
further with the request after discussions with your trainer/assessor, you need to lodge your appeal
to the course coordinator, in writing, outlining the reason(s) for the appeal.

Recognised prior learning

Candidates will be able to have their previous experience or expertise recognised on request.

Special needs
Candidates with special needs should notify their trainer/assessor to request any required
adjustments as soon as possible. This will enable the trainer/assessor to address the identified needs
immediately.
 Page |5

Assessment requirements
Assessment can either be:
 Direct observation

 Product-based methods e.g. reports, role plays, work samples

 Portfolios – annotated and validated

 Questioning.

The assessment activities in this workbook assess aspects of all the elements, performance criteria,
skills and knowledge and performance requirements of the unit of competency.

To demonstrate competence in this unit you must undertake all activities (formative and summative)
in this workbook and have them deemed satisfactory by the assessor. If you do not answer some
questions or perform certain tasks, and therefore you are deemed to be Not Yet Competent, your
trainer/assessor may ask you supplementary questions to determine your competence. Once you
have demonstrated the required level of performance, you will be deemed competent in this unit.

Should you still be deemed Not Yet Competent, you will have the opportunity to resubmit your
assessments or appeal the result.

As part of the assessment process, all learners must abide by any relevant assessment policies as
provided during induction.

If you feel you are not yet ready to be assessed or that this assessment is unfair, please contact your
assessor to discuss your options. You have the right to formally appeal any outcome and, if you wish
to do so, discuss this with your trainer/assessor.
 Page |6

Candidate Details
Assessment – BSBFIN501: Manage budgets and financial plans
Please complete the following activities and hand in to your trainer/assessor for marking. This forms
part of your assessment for BSBFIN501: Manage budgets and financial plans.

Name: Jingning YAN

Address: _____________________________________________________________

_____________________________________________________________

Email: 249368874@qq.com

Employer: _____________________________________________________________

Declaration

I declare that no part of this assessment has been copied from another person’s work with the
exception of where I have listed or referenced documents or work and that no part of this
assessment has been written for me by another person. I also understand the assessment
instructions and requirements and consent to being assessed.

Signed: 鄢景宁

Date: ____________________________________________________________

If activities have been completed as part of a small group or in pairs, details of the learners
involved should be provided below:

This activity workbook has been completed by the following persons and we acknowledge that it
was a fair team effort where everyone contributed equally to the work completed. We declare that
no part of this assessment has been copied from another person’s work with the exception of where
we have listed or referenced documents or work and that no part of this assessment has been
written for us by another person.

Learner 1: ____________________________________________________________

Signed: ____________________________________________________________

Learner 2: ____________________________________________________________

Signed: ____________________________________________________________

Learner 3: ____________________________________________________________

Signed: ____________________________________________________________
 Page |7

Observation/Demonstration
Throughout this unit, you may be expected to show your competency of the elements through
observations or demonstrations. Your trainer/assessor will have a list of demonstrations you must
complete or tasks to be observed. The observations and demonstrations will be completed as well as
the activities found in this workbook.

Observation and evidence checklists have been included for all performance criteria in the Assessor
Workbook, but the assessor only needs to record evidence in this document if they deem it
necessary to judge competency for that particular activity.

An explanation of observations and demonstrations:

Observation is on-the-job

The observation will usually require:

 Performing a work-based skill or task

 Interaction with colleagues and/or customers.

Demonstration is off-the-job

A demonstration will require:

 Performing a skill or task that is asked of you

 Undertaking a simulation exercise.

Your trainer/assessor will inform you of which one of the above they would like you to do. The
observation/demonstration will cover one of the unit’s elements.

The observation/demonstration will take place either in the workplace or the training environment,
depending on the task to be undertaken and whether it is an observation or demonstration. Your
trainer/assessor will ensure you are provided with the correct equipment and/or materials to
complete the task. They will also inform you of how long you have to complete the task.

You should be able to demonstrate the skills, knowledge and performance criteria required for
competency in this unit, as seen in the Learner Guide.
 Page |8

Activities
Complete the following activities individually or in a group (as applicable to the specific activity
and the assessment environment).

Activity 1A
Estimated Time 40 Minutes
Objective To provide you with an opportunity to identify how to access budget and
financial plans for work team.

This activity does not need to be observed.

Create a one-page guide for a hypothetical organisation outlining how to access

budget and financial plans. You should also note which personnel you would
need to consult with and what issues might need to be addressed, e.g., any
changes to be made.

Your assessor should have existing procedures and documentation for

reference.

Attach your finished guide to your workbook.

1 Check internal resources like the company intranet or

shared drives.
2 Contact the finance department for direct access.
3 Ask your supervisor or manager for guidance.
4 Attend budget meetings or request reports.
5 Use any online portals or systems provided.
6 Look for training materials or documentation.
7 Review company policies on budget access.
8 Seek advice from experienced colleagues.
9 Communicate directly with relevant stakeholders if
needed.
 Page |9

Activity 1B
Estimated Time 25 Minutes
Objective To provide you with an opportunity to identify how to evaluate budget and
financial plan outcomes with required organisational personnel, and to
negotiate any changes required to be made to budget and financial plans with
required organisational personnel.
Equipment  Opportunity to communicate with another learner/colleague
needed  Financial documentation provided by the assessor
 Suitable space for a roleplay.
This activity will need to be observed.

Conduct a roleplay with another learner, with both of you acting as managers of
a hypothetical organisation.

Using example financial documents provided by the assessor, evaluate the

outcomes of the budget and financial plan together, and negotiate any changes
that might be required. Make notes during the roleplay if necessary.

The roleplay should last around 20 minutes.

[Setting: A meeting room at Tech Solutions Inc. Two managers,

Alex and Taylor, are seated at the table, reviewing financial
documents provided by the assessor.]

Alex: Good morning, Taylor. Thanks for joining me to review

the budget and financial plan.

Taylor: Good morning, Alex. Of course, happy to be here.

Let's dive into these documents.

[Alex and Taylor begin reviewing the financial documents,

taking notes as they go.]

Alex: Overall, it looks like we're on track with our revenue

 P a g e | 10

projections for the quarter. However, I noticed some

discrepancies in the expenses for marketing and research &
development. Did you notice that too?

Taylor: Yes, I did. It seems like the marketing expenses are

higher than anticipated. I think we might need to revisit our
marketing strategy and see if we can reallocate some funds to
areas with higher ROI.

Alex: Agreed. And regarding research & development, it looks

like we're underspending there. Given the importance of
innovation in our industry, I propose we allocate some
additional funds to R&D to foster new product development.

Taylor: That makes sense. Investing more in R&D now can lead
to long-term growth and competitiveness. How about we
reallocate some of the marketing budget to R&D?

Alex: I'm on board with that. Let's propose reallocating 10%

of the marketing budget to R&D. That should give us enough
room to invest in new projects without compromising our
marketing efforts.

Taylor: Sounds like a plan. I'll draft a revised budget

proposal reflecting these changes and circulate it for
feedback before our next budget meeting.

Alex: Great. Once we finalize the changes, we can update the

financial plan accordingly and ensure alignment across
departments.

[The managers continue to discuss and negotiate changes to

the budget and financial plan, making notes of decisions and
action items.]
 P a g e | 11

Activity 1C
Estimated Time 40 Minutes
Objective To provide you with an opportunity to identify how to prepare contingency
plans in the event that initial plans need to be varied.
 P a g e | 12

This activity does not need to be observed.

1. What is the purpose of a contingency plan? Note five possible situations a

contingency plan could be implemented to cover.

2. Refer to Case Study A.

Highlight at least four guidelines that are relevant and helpful in your line of
work, start to prepare them as much as possible now and attach your notes
to your workbook.

The purpose of a contingency plan is to outline a course of

action to be taken when unexpected events or circumstances
arise that could potentially disrupt normal operations or
goals. Contingency plans help organizations mitigate risks,
minimize the impact of disruptions, and maintain business
continuity. Here are five situations where a contingency plan
could be implemented:

Natural Disasters: Contingency plans can address how to

respond to events such as earthquakes, hurricanes, floods, or
wildfires, ensuring the safety of employees and the
continuity of critical business functions.

Cybersecurity Breaches: In the event of a data breach or

cyberattack, a contingency plan outlines steps to contain the
breach, restore systems and data integrity, and communicate
with stakeholders to mitigate reputational damage.

Supply Chain Disruptions: Contingency plans can help

organizations navigate disruptions in the supply chain, such
as supplier bankruptcies, transportation delays, or
geopolitical conflicts, by identifying alternative suppliers
or adjusting production schedules.

Activity 2A
Estimated Time 25 Minutes
Objective To provide you with an opportunity to identify how to communicate details of
agreed budget and financial plans to relevant team members.
 P a g e | 13

This activity does not need to be observed.

Who might you need to communicate with about budget and financial plans in
an organisation? Explain what information the relevant people would need to
know.

Finance Department: This includes finance managers, financial

analysts, and accounting staff who are responsible for
managing the organization's finances. They would need
detailed information about budget allocations, expenditure
trends, revenue forecasts, and any variances from the planned
budget.

Senior Management: Senior executives, including the CEO, CFO,

and department heads, need to be informed about the overall
financial health of the organization, key financial metrics,
strategic priorities, and any significant deviations from the
budget or financial plans.

Department Managers: Managers of various departments or

divisions should be briefed on their respective departmental
budgets, spending targets, and performance metrics. They need
to understand how their department's financial goals align
with the overall organizational objectives.

Activity 2B
Estimated Time 30 Minutes

Objective To provide you with an opportunity to identify how to support team members
to access resources and systems to perform required roles.
Equipment  Opportunity to communicate with another learner/colleague
needed  Suitable space for a roleplay.
 P a g e | 14

This activity will need to be observed.

Refer to Case Study B.

This is a roleplay activity to be conducted in pairs with another learner, with

yourself acting as a manager and the learner acting as the team member.

Using the information from the case study, speak with the team member
(Sam) and identify what support they may require to improve their
performance. Plan how you would implement this.

The roleplay should last around 20 minutes.

[Setting: A meeting room at the office. I, the manager, am

seated at the table, waiting for Sam, the team member, to
join.]

[Sam enters the room and takes a seat.]

Manager: Good morning, Sam. Thanks for taking the time to

meet with me today.

Sam: Good morning, [Your Name]. No problem at all.

Manager: I wanted to chat with you about your performance

lately. I've noticed that you've been struggling to meet
deadlines and your productivity seems to be affected. Is
everything okay?

Sam: Yeah, I've been feeling a bit overwhelmed lately.

There's been a lot on my plate, and I've been having
trouble prioritizing tasks and staying organized.

Manager: I understand. It's important to recognize when we

need some support to help us perform at our best. Let's
work together to address this. First, I think it would be
helpful to take a closer look at your workload and see if
we can streamline it or redistribute tasks to lighten the
load. Would you be comfortable sharing with me all the
tasks you're currently working on?

Sam: Sure, I can do that. I have the project report due

next week, ongoing client meetings, and some research tasks
for the upcoming presentation.

Sam: Thank you, [Your Name]. I feel much better knowing

 P a g e | 15

that I have your support.

Manager: You're welcome, Sam. Let's work together to set

you up for success.

[End of Roleplay Transcript]

Activity 2C
Estimated Time 30 Minutes
Objective To provide you with an opportunity to identify how to implement processes to
monitor actual expenditure, control costs and modify contingency plans as
required according to financial objectives.
 P a g e | 16

This activity does not need to be observed.

Refer to Case Study C.

1. Analyse the general ledger in Case study C and summarise your main
findings. For example, where are most of the costs coming from? Are there
any issues arising from the information?

2. Explain how to maintain and modify a contingency plan and why this needs
to be done.
 P a g e | 17

Activity 2D
Estimated Time 30 Minutes
Objective To provide you with an opportunity to identify how to report on budget and
expenditure according to organisational protocols.
This activity does not need to be observed.

1. What is a business activity statement?

A Business Activity Statement is a form used by businesses in
Australia to report and pay various taxes to the Australian
Taxation Office. It's a key document for businesses to
fulfill their tax obligations. The BAS is typically submitted
either monthly or quarterly, depending on the business's
turnover and reporting requirements.

2. What information and data should be included in a business activity

statement?

Goods and Services Tax (GST): GST collected on sales, GST

paid on purchases, and the net GST amount.

Pay As You Go (PAYG) Withholding: Amounts withheld from

payments to employees and others.

PAYG Instalments: Payments toward the business's expected

income tax liability.

Fringe Benefits Tax (FBT): FBT payable on benefits

provided.

Other Taxes and Obligations: Additional taxes like Wine

Equalisation Tax, Luxury Car Tax, and fuel tax credits.

Business and Taxpayer Details: Business name, ABN, TFN,

and contact information.

3. List five places data can be taken from for budget reports.
 P a g e | 18

Historical Financial Data: Previous financial records,

including income statements, balance sheets, and cash flow
statements.

Sales Forecasts: Projections of future sales based on

market trends, customer behavior, and historical data.

Expense Estimates: Anticipated costs and expenses for

various business activities, derived from historical
spending patterns and industry benchmarks.

Capital Expenditure Plans: Planned investments in assets

or infrastructure, such as equipment purchases or facility
upgrades.

Strategic Initiatives and Goals: Data related to new

projects, expansion plans, or cost-saving measures aligned
with the organization's objectives and growth strategy.

Activity 3A
Estimated Time 20 Minutes
Objective To provide you with an opportunity to identify how to collect information on
effectiveness of financial management processes within work team.
 P a g e | 19

This activity does not need to be observed.

What financial records could be kept by an organisation and what methods of

storage/organisation do they need? Give at least ten examples.

Income Statements, Balance Sheets, Cash Flow Statements:

10 Store electronically in accounting software. Keep

physical copies in labeled folders by fiscal period.

Bank Statements:

11 Electronically archive and secure. Physically file by

account and date.

Invoices, Receipts, Expense Reports:

12 Digitize and categorize electronically. Physically file

by vendor and date.

Tax Returns:

13 Keep digital copies secure. Physically file by year.

Payroll Records:

14 Manage electronically, restrict access. Physically file

by pay period and employee.

Activity 3B
Estimated Time 20 Minutes
Objective To provide you with an opportunity to identify how to analyse variance
 P a g e | 20

between actual and budgeted finances.

This activity does not need to be observed.

1. List three possible causes of cost variation in an organisation.

Demand Fluctuations: Changes in customer demand affect

production costs.

Price Changes in Inputs: Variations in raw material prices

impact overall expenses.

Operational Efficiency: Changes in efficiency levels

influence production costs.

2. What information is needed to monitor and analyse costs and expenditure?

Identify three types of information.

Financial Statements: Provide a snapshot of financial

performance.

Budgets and Forecasts: Outline planned versus actual

expenses.

Cost Allocation Data: Tracks and assigns costs to

activities or products.

Activity 3C
Estimated Time 30 Minutes
Objective To provide you with an opportunity to identify and recommend improvements
 P a g e | 21

to existing financial management processes.

This activity does not need to be observed.

1. Briefly outline the meaning of the following terms:

 Earnings growth
 Earnings stability
 Return on equity.

Earnings Growth: Increase in a company's profits over time,

indicating financial health and potential for shareholder
value appreciation.

Earnings Stability: Consistency of a company's profits over

time, reflecting reliability and reduced investor risk.

Return on Equity (ROE): Measure of a company's profitability

in relation to shareholders' investments, indicating how
efficiently it uses equity capital to generate profit.

2. How might you determine an organisation’s performance regarding the

above?

Forecasting: Using historical data and market insights to

forecast future earnings growth, stability, and return on
equity, providing insights into the company's potential
future performance.

Qualitative Assessment: Considering qualitative factors such

as industry trends, market conditions, management quality,
and strategic initiatives that may impact the organization's
performance

3. Identify five types of personnel you could discuss findings and recommend
improvements to.

Executives/Top Management: Discussing findings and

recommendations with executives allows for strategic
 P a g e | 22

decision-making at the highest level. Executives are

responsible for setting goals, allocating resources, and
driving overall organizational performance.

Finance Department: Finance professionals are directly

involved in analyzing financial data and performance metrics.
They play a crucial role in interpreting findings and
implementing financial strategies to improve earnings growth,
stability, and return on equity.

Operations Managers: Operations managers oversee day-to-day

activities within the organization. Sharing findings with
them can help identify operational inefficiencies or areas
where processes can be optimized to enhance financial
performance.

Activity 3D
Estimated Time 60 Minutes
Objective To provide you with an opportunity to identify how to implement agreed
improvements according to financial objectives of work team and organization,
and to evaluate agreed improvements.
This activity does not need to be observed.

1. Identify an improvement that needs to be made in your organisation and

produce an action plan to implement it.

(If this isn’t possible, imagine a common workplace improvement and plan
in detail how you would implement and monitor it).

Assessment and Analysis:

15 Conduct a survey or hold team meetings to gather

feedback on current communication practices, identify
challenges, and understand team members' preferences for
communication channels.

Establish Clear Communication Guidelines:

16 Develop clear and concise communication guidelines that

 P a g e | 23

outline expectations for frequency, mode (email, meetings,

instant messaging, etc.), and tone of communication within
the team.

Training and Development:

17 Provide training sessions or workshops on effective

communication techniques, active listening, and conflict
resolution to equip team members with the necessary skills to
communicate more effectively.

Implement Communication Tools:

18 Introduce or optimize communication tools and platforms

such as project management software, instant messaging apps,
or video conferencing tools to facilitate seamless
communication and collaboration among team members.

2. Explain how to evaluate and monitor agreed improvements. Identify five

monitoring and reporting processes.

Key Performance Indicators (KPIs):

19 Define and track specific metrics aligned with

improvement goals.

Progress Tracking Meetings:

20 Hold regular meetings to discuss improvement status,

share updates, and address challenges.

Feedback Mechanisms:

21 Gather feedback through surveys, suggestion boxes, or

focus groups to evaluate progress and identify areas for
improvement.
 P a g e | 24

Summative Assessments
The summative assessments are the major activities designed to assess your skills, knowledge and
performance, as required to show competency in this unit. These activities should be completed
after finishing the Learner Guide. You should complete these as stated below and as instructed by
your trainer/assessor.

Skills, knowledge, and performance may be termed as:

 Skills – skill requirements, required skills, essential skills, foundation skills

 Knowledge – knowledge requirements, required knowledge, essential knowledge,

knowledge evidence

 Performance – evidence requirements, critical aspects of assessment, performance

evidence.

Section A: Skills Activity

The Skills Activity is designed to be a series of demonstrative tasks that should be assessed by
observation (by the assessor or third party, depending on the circumstances). In some cases, skills
will be demonstrated in writing, where the criteria fits.

It will demonstrate all of the skills required for this unit of competency – your assessor will provide
further instructions to you, if necessary.

Section B: Knowledge Activity (Q & A)

The Knowledge Activity is designed to be a verbal questionnaire where the assessor asks you a series
of questions to confirm your competency for all of the required knowledge in the unit of
competency.

Section C: Performance Activity

The Performance Activity is designed to be a practical activity performed either in the workplace or a
simulated environment. You should demonstrate the required practical tasks for the unit of
competency and be observed by the assessor and/or third party, as applicable to the situation. If the
third party is required to observe you, you will need to make the required arrangements with them.

If necessary for the activities, you should attach completed written answers, portfolios, or any
evidence of competency to this workbook.
 P a g e | 25

Section A: Skills Activity

Objective: To provide you with an opportunity to show you have the required skills for this unit.

This activity will enable you to demonstrate the following skills:

 Numeracy:
o uses a wide range of mathematical calculations to analyse numeric information in
budgets or financial plans
 Oral communication:
o presents information about financial issues and requirements to a range of audiences
using structure and language to suit audience
o uses active listening and questioning to clarify information and to confirm understanding
 Reading:
o Interprets and analyses information to determine activities required
 Writing:
o records information in correct forms and prepares materials which convey detailed and
factual content according to internal procedures
 Teamwork:
o uses a range of strategies to connect, collaborate and cooperate with other work
colleagues in activities requiring collective effort and diverse skills and knowledge
 Initiative and enterprise:
o applies organisational requirements in undertaking own work
 Planning and organising:
o uses logical processes in planning, implementing and evaluating complex tasks and
developing alternative strategies to achieve goals and timelines
 Technology:
o uses a range of digital technologies to access, filter, compile, integrate and logically
present complex information from multiple sources.

Answer the activity in as much detail as possible.

1. Complete a task relevant to a budget or financial plan that will be provided by your assessor,
you should use a range of mathematical calculations. Attach the relevant document(s) and a
record of your calculations to your workbook with a brief written summary of the task you
undertook.

Review the Budget or Financial Plan: Carefully examine the budget or

financial plan provided by the assessor to understand its components,
including income, expenses, and any other relevant financial data.

Identify the Task: Determine the specific task or calculation required

within the budget or financial plan. This could involve analyzing expenses,
forecasting revenues, calculating financial ratios, or any other relevant
numerical analysis.

Perform Mathematical Calculations: Utilize a range of mathematical

calculations as necessary to complete the task. This might include
 P a g e | 26

addition, subtraction, multiplication, division, percentages, averages, or

other relevant calculations based on the requirements of the task.

Document the Calculations: Record all calculations performed neatly and

accurately, ensuring that each step is clearly presented. Include any
formulas used and annotate the calculations to provide context and clarity.

2. Give a short presentation about the contents of the document (budget/financial plan) to
members of your group in a style and structure which suit the audience. Ask questions to test
their understanding and clarify any information that wasn’t clear.

This activity will need to be observed by the assessor.

Introduction:

Start by greeting the group and thanking them for their time.

Provide an overview of the purpose of the presentation, which is to

discuss the contents of the budget or financial plan.

Overview of the Document:

Provide a brief summary of the document, outlining its key components

such as income, expenses, financial goals, and any important metrics or
indicators.

Emphasize the significance of the budget or financial plan in guiding

the organization's financial decisions and achieving its objectives.

Detailed Analysis:

Break down the contents of the budget or financial plan in more detail,
discussing each section separately.

Use visuals such as charts, graphs, or tables to illustrate key points

and trends.

Explain the rationale behind specific budget allocations or financial

projections, highlighting any assumptions or considerations that were
taken into account.

Interactive Discussion:

Encourage participation from the group by asking questions throughout

the presentation.
 P a g e | 27

Use probing questions to test their understanding of the information

presented and to clarify any concepts that may not be clear.

Create an open environment where attendees feel comfortable asking

questions and sharing their insights.

Conclusion:

Summarize the main points covered in the presentation and reiterate the
importance of the budget or financial plan in guiding the organization's
financial management.

Invite further questions or comments from the group before concluding

the presentation.

3. Read a financial document provided by your assessor, such as a budget or financial plan.
Interpret and analyse the information on it to determine the activities required.

Write a short report explaining the contents of the document and attach it to your workbook.
Make sure you record information correctly and convey detailed and factual content according
to internal procedures.

Read the Financial Document: Carefully review the financial document

provided by the assessor, whether it's a budget or a financial plan. Pay
close attention to details such as income, expenses, projections, and any
other relevant information.

Interpret and Analyze the Information: Analyze the information presented in

the document to determine the activities required. This might involve
identifying areas where costs can be reduced, revenue can be increased, or
resources can be allocated more efficiently.

Record Information Correctly: Record the findings of the analysis

accurately and in accordance with internal procedures. This includes
ensuring that all data is entered correctly and any calculations are
accurate.

4. Assist a member of your group or team member on a task which requires collective effort and
diverse skills and knowledge. Use a range of strategies to connect, collaborate and cooperate.

This activity will need to be observed by the assessor.

Identify the Task: Start by understanding the task at hand. What is the
specific goal or objective? What are the requirements and desired outcomes?
Ensure clarity on what needs to be accomplished.
 P a g e | 28

Assess Skills and Knowledge: Evaluate the skills and knowledge required to
complete the task successfully. Identify which members of your group
possess relevant expertise and experience.

Initiate Communication: Reach out to the relevant team members to discuss

the task. Clearly articulate the objectives, timeline, and any specific
requirements. Use active listening to understand their perspectives and
potential contributions.

Collaborative Planning: Schedule a meeting or brainstorming session with

the team members involved. Encourage open discussion and idea sharing.
Develop a collaborative plan outlining individual roles and
responsibilities, as well as a timeline for completion.

5. You will be provided with an example copy of a Financial Procedures Manual or equivalent
document. Using this document as reference:

 Identify five organisational requirements that relate to your intended job role
 Perform two tasks that will allow you to demonstrate your adherence to at least three of
these requirements
 Write a brief 250-word summary of each task you completed, describing how you
demonstrated your adherence to organisational requirements. Attach this to your
workbook.

ChatGPT

To complete this task, you'll need to first obtain a copy of the Financial
Procedures Manual or a similar document relevant to your intended job role.
Once you have the document, carefully review it to identify five
organizational requirements that directly relate to your role. These
requirements could include procedures for budgeting, financial reporting,
expenditure approval, record-keeping, and compliance with regulatory
standards, among others.

Once you have identified these requirements, select two tasks from your job
role that will allow you to demonstrate adherence to at least three of
these organizational requirements. For each task, write a brief 250-word
summary describing how you demonstrated your adherence to these
requirements. Ensure that your summary clearly explains the actions you
took to comply with organizational procedures and guidelines, and how these
 P a g e | 29

actions align with the identified requirements.

For example, if one of the organizational requirements is to use a wide

range of mathematical calculations to analyze numeric information in
budgets or financial plans, you might choose a task that involves preparing
a budget forecast or conducting financial analysis. In your summary, you
would describe the specific calculations you performed and how they
informed decision-making and planning processes.

Similarly, if another organizational requirement is to use a range of

digital technologies to access, filter, compile, integrate, and present
complex information from multiple sources, you might choose a task that
involves utilizing financial software or data analytics tools to generate
reports or analyze data. In your summary, you would outline the software or
tools you used, the data sources you accessed, and how you effectively
compiled and presented the information to stakeholders.

Overall, ensure that your summaries provide clear and detailed explanations
of how you applied organizational requirements in completing each task,
demonstrating your competence and adherence to established procedures and
standards.

6. For a task, you have been given by your assessor (e.g. implementing improvements to financial
management processes) plan how you will complete it including timescales. You will need to:

 Use logical processes to plan, implement and evaluate complex tasks

 Develop alternative strategies to achieve goals and timelines.

Once completed, attach to your workbook and submit to the assessor.

ChatGPT

To plan and implement improvements to financial management processes,

follow these steps:

Assessment and Analysis:

o Begin by conducting a thorough assessment of current financial

management processes.
o Identify areas for improvement, considering factors such as
efficiency, accuracy, compliance, and risk management.
 P a g e | 30

o Analyze existing data and feedback from stakeholders to inform

your decision-making process.

Goal Setting:

o Clearly define the goals and objectives of the improvement

initiative.
o Ensure that goals are specific, measurable, achievable,
relevant, and time-bound (SMART).

Resource Allocation:

o Determine the resources needed to implement the improvements,

including personnel, technology, and budgetary requirements.
o Allocate resources effectively to support the execution of the
plan.

Planning:

o Develop a detailed project plan outlining tasks, timelines,

responsibilities, and milestones.
o Break down the project into manageable phases or stages to
facilitate implementation and monitoring.
 P a g e | 31

Section B: Knowledge Activity (Q & A)

Objective: To provide you with an opportunity to show you have the required knowledge for this
unit.

The answers to the following questions will enable you to demonstrate your knowledge of:

 Basic accounting principles

 Types of budgets and financial plans
 Legislation and current ATO requirements, including the goods and services tax (GST)
 Key requirements for financial record keeping and auditing
 Principles for managing work teams
 Principles and techniques involved in managing:
o budgeting
o cash flows
o electronic spreadsheets
o Goods and Services Tax
o ledgers and financial statements
o profit and loss statements
o evaluation of budget and financial plans.
Answer each question in as much detail as possible.

1. Identify and explain in detail three aspects of basic accounting principles.

Three Aspects of Basic Accounting Principles:

a. Double-Entry Accounting: This principle states that every financial

transaction has equal and opposite effects on at least two accounts. For
example, when a company sells goods, it records both the revenue generated
(increase in accounts receivable or cash) and the cost of goods sold
(increase in cost of goods sold expense and decrease in inventory). This
ensures accuracy and maintains the balance in the accounting equation
(Assets = Liabilities + Equity).

b. Accrual Accounting: Accrual accounting recognizes revenue and expenses

when they are earned or incurred, regardless of when cash is exchanged.
This means that revenue is recorded when it's earned, and expenses are
recorded when they're incurred, even if payment hasn't been received or
made. Accrual accounting provides a more accurate representation of a
company's financial position and performance over a specific period.

c. Matching Principle: The matching principle dictates that expenses should

be recognized in the same period as the revenue they help to generate. This
ensures that financial statements accurately reflect the relationship
between revenues and expenses. For example, if a company sells products in
January but doesn't receive payment until February, the associated costs of
 P a g e | 32

goods sold should still be recognized in January to match with the revenue
earned in that period.

2. Identify three types of budgets and financial plans.

a. Operating Budget: An operating budget outlines the financial plan for

day-to-day operations of a business over a specific period, typically one
fiscal year. It includes revenue forecasts, expenses, and profitability
targets for various departments or functions within the organization.

b. Capital Budget: A capital budget focuses on investments in long-term

assets, such as equipment, machinery, facilities, or technology, that are
expected to generate returns over multiple years. It involves planning and
allocating funds for capital expenditures based on the organization's
strategic priorities and expected benefits.

c. Master Budget: A master budget integrates all other budgets and

financial plans of an organization into a comprehensive financial plan for
the entire business. It includes operating budgets, capital budgets, cash
flow forecasts, and other financial projections, providing a holistic view
of the organization's financial position and performance.

3. Explain the legislation and current Australian Taxation Office (ATO) requirements, including
the goods and services tax (GST).

What are the key requLegislation and Current ATO Requirements, including GST:

Legislation and ATO requirements in Australia, including GST, are governed

by several key laws and regulations:

a. Income Tax Assessment Act 1997: This legislation outlines the rules and
regulations regarding income tax obligations for individuals, businesses,
and organizations operating in Australia.

b. Goods and Services Tax (GST) Act 1999: The GST Act governs the
administration and collection of the Goods and Services Tax, a value-added
tax imposed on most goods and services sold or consumed in Australia.

c. Australian Taxation Office (ATO) Guidelines: The ATO provides guidelines

and resources to help taxpayers understand their tax obligations, including
GST registration, reporting requirements, record-keeping guidelines, and
compliance measures.
 P a g e | 33

4. irements for financial record keeping and auditing?

a. Accuracy and Completeness: Financial records must be accurate, complete,

and up-to-date to provide a reliable basis for decision-making and
reporting.

b. Timeliness: Records should be recorded promptly to ensure that financial

information is current and reflects the most recent transactions and
events.

c. Documentation and Retention: Proper documentation of financial

transactions and supporting evidence should be maintained in accordance
with regulatory requirements and organizational policies. Records should be
retained for the required period to facilitate auditing and compliance.

5. Identify and explain the five functions of managing work teams.

a. Communication: Effective managers facilitate open and transparent

communication within the team, ensuring that information flows freely and
accurately between team members.

b. Motivation: Managers inspire and motivate team members to perform at

their best, recognizing and rewarding individual and collective
achievements.

c. Conflict Resolution: Managers address conflicts and disagreements within

the team promptly and constructively, seeking mutually beneficial
resolutions and fostering positive working relationships.

6. Describe the principles and techniques involved in managing:

 Budgeting
 Cash flows
 Electronic spreadsheets
 Goods and services tax
 Ledgers and financial statements
 Profit and loss statements
 Evaluation of budget and financial plans.

Budgeting:

22 Principles: Accuracy, flexibility, participation, accountability.

23 Techniques: Zero-based, incremental, activity-based, rolling budgets,
variance analysis.
 P a g e | 34

Cash Flows:

24 Principles: Ensure liquidity, maximize returns.

25 Techniques: Forecasting, managing receivables/payables, optimizing
inventory, short-term investments.

Electronic Spreadsheets:

26 Principles: Organize and analyze data accurately.

27 Techniques: Formulas/functions, data validation, user-friendly
templates, pivot tables/charts.

Goods and Services Tax (GST):

28 Principles: Compliance, accurate documentation.

29 Techniques: Calculating GST, input tax credits, regular
reconciliation, staying updated on regulations.

Ledgers and Financial Statements:

30 Principles: Accurate reflection of financial position.

31 Techniques: Double-entry bookkeeping, reconciliations, financial
statement preparation.

Profit and Loss Statements:

32 Principles: Revenue, expense, and profitability analysis.

33 Techniques: Categorizing revenues/expenses, calculating profit, trend
analysis, KPIs.

Evaluation of Budget and Financial Plans:

34 Principles: Assess effectiveness, informed decision-making.

35 Techniques: Actual vs. budgeted performance, variance analysis,
stakeholder feedback, plan adjustments.
 P a g e | 35

Section C: Performance Activity

Objective: To provide you with an opportunity to demonstrate the required performance
elements for this unit.

This activity will enable you to demonstrate the following performance evidence:

 Manage the budget and financial plan of an organisation for one reporting period.

In the course of the above, the candidate must:

 Communicate with relevant people to clarify budget and financial plans, negotiate changes
and disseminate information
 Prepare, implement and modify financial contingency plans
 Monitor expenditure and control costs
 Support and monitor team members
 Report on budget and expenditure
 Review and make recommendations for improvements to financial processes
 Meet record-keeping requirements for Australian taxation office (ATO) and for auditing
purposes.
Answer the activity in as much detail as possible.

1. In a workplace or simulated workplace environment, manage the budget and financial plan of
an organisation for one reporting period.

You must ensure that you:

 Communicate with relevant people to clarify budget and financial plans, negotiate changes
and disseminate information
 Prepare, implement and modify financial contingency plans
 Monitor expenditure and control costs.
 Support and monitor team members
 Report on budget and expenditure
 Review and make recommendations for improvements to financial processes
 Meet record-keeping requirements for Australian taxation office (ATO) and for auditing
purposes.

You may choose to manage the budget and financial plan for your own organisation, or an
organisation of your choice. This activity can be completed over the course of two weeks (can
be longer if needed).

Prepare a one to two page report on how you have managed and completed each task, and
submit this to the assessor on completion.

Title: Management of Budget and Financial Plan for [Organization Name]

Introduction: In this report, I will detail my management of the budget and

financial plan for [Organization Name] over a reporting period. Throughout
this period, I ensured effective communication, prepared and implemented
 P a g e | 36

financial contingency plans, monitored expenditure, supported team members,

reported on budget and expenditure, reviewed financial processes, and
maintained records in compliance with Australian Taxation Office (ATO) and
auditing requirements.

Communication:

o I initiated regular meetings with relevant stakeholders,

including department heads and finance team members, to clarify budget and
financial plans.
o Negotiations were conducted to address any discrepancies or
necessary adjustments to the budget.
o Information was disseminated through email updates and in-
person discussions to ensure all stakeholders were informed and aligned
with the financial objectives.

Financial Contingency Planning:

o I developed comprehensive financial contingency plans to

address potential risks and uncertainties that could impact the budget.
o These plans included provisions for unexpected expenses,
revenue shortfalls, and changes in market conditions.
o Contingency plans were implemented as needed, with
modifications made based on evolving circumstances and new information.

Expenditure Monitoring and Cost Control:

o I closely monitored expenditure throughout the reporting period

to track actual spending against the budget.
o Regular reviews of expenses were conducted to identify any
areas of overspending or cost inefficiencies.
o Cost control measures, such as renegotiating vendor contracts
and optimizing resource allocation, were implemented to mitigate risks of
budget overruns.

Support and Monitoring of Team Members:

o I provided ongoing support and guidance to team members

involved in financial activities, including training on budget management
tools and techniques.
o Progress was monitored through regular check-ins and
performance reviews to ensure tasks were completed accurately and on
schedule.
 P a g e | 37

o Feedback and assistance were provided to address any challenges

or issues encountered by team members.

Reporting:

o Regular reports on budget performance and expenditure were

prepared and distributed to key stakeholders, including department heads
and senior management.
o Variance analysis was conducted to explain any deviations from
the budget and highlight areas of concern or improvement.
o Recommendations for adjustments to the budget were included in
the reports, based on insights gained from the analysis.

Review and Recommendations for Financial Processes:

o I conducted a thorough review of existing financial processes

to identify opportunities for improvement.
o Recommendations were made for streamlining procedures,
enhancing efficiency, and strengthening internal controls to ensure
compliance and accuracy.
o Feedback from team members and stakeholders was solicited to
gather insights and perspectives for process improvement.

Record-Keeping Compliance:

o I maintained meticulous records of financial transactions and

documentation in compliance with ATO requirements and auditing standards.
o Documentation included invoices, receipts, bank statements, and
other relevant financial records, organized and stored securely for easy
retrieval and review.

Conclusion: Through effective management of the budget and financial plan

for [Organization Name], I ensured transparency, accountability, and
financial stability. By prioritizing communication, contingency planning,
expenditure monitoring, team support, reporting, process improvement, and
record-keeping compliance, I successfully navigated the complexities of
financial management and contributed to the organization's overall success.
 P a g e | 38

Case Studies

Case Study A – Contingency plans

Developing your contingency plan

Remember these guidelines when it's time to prepare your contingency plan:

Your main goal is to maintain business operations – Look closely at what you need to do to deliver a
minimum level of service and functionality.

Define time periods – What must be done during the first hour of the plan being implemented? The
first day? The first week? If you look at the plan in this way, you're less likely to leave out important
details.

Identify the trigger – What, specifically, will cause you to implement the contingency plan? Decide
which actions you'll take, and when. Determine who is in charge at each stage and what type of
reporting process they must follow.

Keep the plan simple – You don't know who will read and implement the plan when it's needed, so
use clear, plain language.

Consider related resource restrictions – Will your organization be able to function the same way if
you have to implement Plan B, or will Plan B necessarily reduce capabilities?

Identify everyone's needs – Have people throughout the company identify what they must have, at
a minimum, to continue operations.

Define 'success' – What will you need to do to return to "business as usual?"

Include contingency plans in standard operating procedures – Make sure you provide initial training
on the plan and keep everyone up-to-date on changes.

Manage your risks – Look for opportunities to reduce risk, wherever possible. This may help you
reduce, or even eliminate, the need for full contingency plans in certain areas.

Identify operational inefficiencies – Provide a standard to document your planning process, and find
opportunities for performance improvement.

Source: Mind Tools, Contingency planning:

https://www.mindtools.com/pages/article/newLDR_51.htm
 P a g e | 39

Case Study B – Providing support

Sam is an employee who has worked for a debt collection company for two years.

Their performance has been declining over the past couple of months and has dropped to an
unacceptable standard which is affecting the company’s performance figures. There have been
recent technology changes and implementations in the workplace recently.

Unknown to you and the company, Sam has been feeling ignored in the workplace and has lost
motivation for training and taking on new information.

Sam is doing what feels to be the bare minimum but has good and bad days. Sam is unaware that
low performance has been noticed.

Identify the Issue: Recognize that Sam's declining performance is impacting

the company's overall performance and investigate the underlying reasons
for Sam's behavior. This might involve speaking with Sam directly,
observing their work habits, and gathering feedback from colleagues.

Communicate Openly: Have a candid conversation with Sam to understand their

perspective and address any concerns they may have. It's crucial to create
a supportive environment where Sam feels comfortable expressing their
feelings and concerns without fear of reprisal.

Provide Support and Training: Offer support and guidance to help Sam
overcome their challenges. This could involve providing additional
training, clarifying expectations, and offering resources to help them
improve their skills and performance.
 P a g e | 40

Case Study C – General ledger

Source: Accounting for Management, General ledger:

https://www.accountingformanagement.org/general-ledger/
 P a g e | 41

Workplace Documentation – for learner

Workplace documents checklist
To demonstrate and support workplace knowledge, workplace documents can be submitted to the
assessor or third party. Indicate in the table below the documents that have been provided. Please
refer to your trainer/assessor if clarification is required or if you have any further questions on what
you are able to provide or use.

Document name/description Document attached

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

For RTO use only

Have originals or digital copies been supplied for the workplace documents? Yes No (Please circle)

If not originals, have the originals been validated or checked? Yes No (Please circle)

Learner’s signature

Assessor’s signature